Protagenic Therapeutics restructures, cuts ~$8M annual costs; CEO and COO terminated

Protagenic Therapeutics, Inc.new

Board approved restructuring to virtual model, focusing on PT00114 Phase 2 trial expected to complete in 9–12 months.
Annual operating expenses to be reduced by ~$8 million when fully implemented; one-time charges not yet estimable.
CEO Barrett Evans and COO Colin Stott terminated effective immediately; both remain on the Board.
All preclinical programs (PHYX-001 through PHYX-005) paused; company pursuing partnerships or out-licensing.
Fiscal year-end changed from Dec 31 to Mar 31; transition report on Form 10-QT for Apr 1–Jun 30, 2025.

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